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- Report
In its June 2017 projections, CBO overestimated federal outlays and revenues for fiscal year 2018 by 1.7 percent and 1.2 percent, respectively. The projected federal budget deficit for 2018 was 3.7 percent more than the actual amount.
- Report
CBO periodically issues a volume of options—this year’s installment presents 121—that would decrease federal spending or increase federal revenues. CBO’s website allows users to filter options by topic, date, and other categories.
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This report explains the changes to CBO’s long-term Social Security projections since last year and compares CBO’s projections with those of the Social Security Trustees.
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CBO found that the tax burden on intangible assets is lower than that on tangible assets. In CBO’s estimation, the 2017 tax act increases the tax burden on research and development but reduces it on most other intangible assets.
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In 2015, average household income before accounting for means-tested transfers and federal taxes was $20,000 for the lowest quintile and $292,000 for the highest quintile. After transfers and taxes, those averages were $33,000 and $215,000.
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In lieu of publishing a separate report providing additional information on the agency’s long-term projections for Social Security, CBO is publishing the data that it would have presented in that report.
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What changes in federal budget deficits would be necessary to reduce debt held by the public over the long term? CBO analyzed the primary deficit reductions necessary to meet three different debt targets in four different time frames.
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In CBO’s updated projections, real gross domestic product (GDP) grows by 3.1 percent in 2018 and by 2.4 percent in 2019 before slowing in the following years.
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Expanding on its earlier long-term baseline projections, CBO shows how the federal budget and the economy would evolve under three scenarios in which laws would be changed to continue certain policies now in place, leading to higher debt.
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The House Budget Committee convened a hearing at which Deputy Director Mark Hadley testified about CBO’s baseline projections and cost estimates. This document provides CBO’s answers to questions submitted for the record by Chairman Womack.